Nogger's Blog

23/03/11 -- There's not a great deal of fresh news overnight boys and girls. Chicago recovered from a weak start to close with little change and the overnights aren't doing a lot so far, mostly a tad firmer.

It seems like we may have reached a bit of a hiatus whilst we wait for some new direction. That may take until the end of the month when the USDA come out with their acreage and stocks numbers. It could come sooner if the USDA were to confirm the heavily rumoured corn sales to China.

Tomorrow's export sales report will be scrutinised for evidence of these, but I somehow feel that traders are going to be disappointed. Again.

Who is it that starts these rumours I'd like to know. Someone told me that they'd heard it was you. You should be ashamed of yourself.

Ginger-haired March London wheat goes off the board today (hurrah), making May the front month from tomorrow. The IGC are also out tomorrow with their March grain production and stocks tweaks, and also tomorrow late afternoon will bring the latest export figures from Brussels.

At home today we have George Osborne's first Budget since last year's austerity measures were introduced. Elsewhere we now have black smoke billowing from reactor 3 in Fukushima and a typically belligerent Gaddafi urging "all Islamic armies" to join him in battle against the allied forces. What did you say your address was again?

The pound is close to yesterday's 1.64 fourteen month highs against the dollar, currently standing around 1.6350.